If you’re planning to shop for a home in the Bay Area this spring, you would do well to have more than $200,000 in the bank for a down payment.
That’s according to a realtor.com study, which analyzed the 50 largest U.S. housing markets to determine where buyers will need the most (and least) up-front money to seal a deal. Though a 20 percent down payment has long been considered the gold standard with lenders, home shoppers in the high-priced Bay Area should consider trying to exceed that number.
As for Alamo, the median sale price went up year over year by 6% from $538,000 to $572,500.
Sold properties were up year over year by 2% from 45 to 46.
Properties under contract went up year over year by 45% from 42 to 61.
New properties went up year over year by 11% from 63 to 70.
For sale properties also went up year over year by 10% from 105 to 116.
Expired properties went up by 57% from 7 to 11.
The average days on the market went up by 17% from 18 to 21.